JPEX’s Significant News for The Last Full Week of August (22nd To 28th)

In the last full week of August, stakeholders of Ethereum were finally informed about the final dates for the upcoming upgrade that will see the blockchain move from a Proof-of-Work (PoW) network to a Proof-of-Stake (PoS) network. In the same week, a video non-fungible token (NFT) marketplace was launched by a social media platform in India. Additionally, despite the bearish trends of the market and the numerous arrests made by the Department of Justice in the United States due to the hacking and scams associated with the crypto finance industry, traders in the US were found to dominate cryptocurrency exchange traffic. 

What’s more, the advancement in blockchain technology coupled with the use of digital currencies as payment methods at retail outlets as well as a source of on-demand liquidity (ODL) with an eye on XRP (Ripple) and XLM (Stellar), parents in the United States believe teenagers should be taught the potential of crypto. 

Overall, crypto continued to see mainstream adoption as one of the oldest banks in the United States added digital assets to the products they offer their customers. 

Sullivan Bank Partners with Bakkt to Offer Crypto Services for Customers

Bakkt Holdings announced that Sullivan Bank has partnered with them to leverage their Crypto Connect platform to help their customers buy, hold, and sell Bitcoin (BTC), and Ethereum (ETH), according to a post on Businesswire on Wednesday, August 24.  

As a digital assets platform, Bakkt uses its platform to unlock crypto and drive loyalty to create delightful, connected experiences for a broad range of clients. 

As one of the oldest banks founded in 1895, Sullivan Bank is a comprehensive financial institution that thrives on certain core values which have been invaluable to its success. 

Speaking on the partnership, Head of Marketing and Sales at Bakkt, Mark Elliot made it known that they “are pleased to work with Sullivan Bank to offer their customers the option to buy Bitcoin and Ether in their trusted digital banking application”. 

As a highly regulated platform, Sullivan Bank will be tapping into Bakkt platform’s full strength which includes customer care, educational resources, tax reporting, and compliance. 

“We are excited to provide opportunities for customers to access a growing and increasingly in-demand asset class with peace of mind with regard to security and regulation. Bakkt’s innovative platform will facilitate this new capability within our existing banking platform and customers will be able to view their crypto balance alongside their checking and savings balance all in the same place”, Mallory Farrell, CEO of Sullivan added. 

Within the period, Bitcoin and Ethereum fell in value. Bitcoin plunged by 7% while Ethereum also declined by 8%, according to CoinMarketCap data. 

Nike Became the Highest-Earning Brand for NFT Revenue

The NFT market is a few sales shy of crossing the $40 billion mark in all-time volume, CryptoSlam data shows. 

While Axie Infinity remains the biggest crypto NFT project by sales, global fashion brand Nike became the highest-earning brand for revenue with approximately $185.42 million.

Overall, the brand had more than 60,000 secondary transactions, around $1.3 billion in secondary volume, primary sales revenue was more than $93 million, and corresponded to approximately $92.32 million in total royalties, according to data from Dune Analytics.

In second place was Dolce & Gabbana with $25.66 million and was followed by Tiffany and Gucci with $12.62 million and $11.56 million respectively. 

Competitor brand Adidas generated $10.95 million while Time Magazine wrapped up the top six with $10.81 million. Budweiser, Bud Light, AO, Lacoste, Nickelodeon, McLaren, and Pepsi Mic Drop generated less than $10 million in total NFT revenue. 

Chingari Launches Video NFT Marketplace

India-based content creation mobile application Chingari launched its video NFT marketplace called Creator Cuts on Tuesday, August 23, according to an article by India Times. 

This has made the company the first to introduce a video NFT marketplace to a space largely dominated by digital art in the form of images. As a result, creators have a chance to mint the latest version of video collectibles. 

Chingari came around in 2018 as an on-chain social application and will allow buyers of the video NFTs to get 10 percent of the daily income in the token called GARI which will be earned by the creation of the engagement they receive on their videos on the Chingari application. 

“The introduction of Creator Cuts is one such unique initiative which empowers the creators and the community to not only form deeper connections but also grow together in the truest sense of the term”, Sumit Ghosh, co-founder and CEO of Chingari. 

With more than 130 million users, Chingari sees over five million daily active users. 

Ethereum Foundation Finally Confirmed Data for The Merge

The upcoming Ethereum upgrade called “The Merge’ has been in the works since December 1, 2020 – this was the day the Ethereum Foundation announced the transition from a POW network to a POS blockchain. 

This will see Ethereum become a highly scalable network with relatively lower transaction costs. 

The Ethereum Foundation finally released the dates for the upgrade on Wednesday, August 24. 

The Merge will take two phases to complete and includes the Bellatrix and Paris Upgrade. 

The Bellatrix Upgrade is scheduled for 11:34 am UTC on September 6, 2022, when the network reaches epoch 144896 on the Beacon Chain

Paris upgrade comprises the execution layer’s portion of the transition which will be triggered when a certain Terminal Total Difficulty (TTD) is reached. It is expected between September 10 to 20. 

Once the upgrade becomes successful, Ethereum will become a POS network like Cardano, TRON, and Solana among others. This means that ETH mining will be scrapped for staking. 

Other Important News

Online education platform Study.com embarked on research about the need for crypto to be included in the academic curriculum of the United States. The primary participants were parents and college graduates with an understanding of blockchain technology and cryptocurrency. Overall, 64% of parents and 67% of college graduates believed cryptocurrencies should be taught in schools. More importantly, they agreed that High School should be the perfect place for crypto-related education to commence. 

Research and analysis platform Arcane Research released a report based on data from Similar Web on Wednesday, August 24, which showed that traders in the United States are by far the most active in the crypto market. 

US traders represented 14.33% of total exchange visits and were followed by South Korea, Russia, Turkey, Japan, and the United Kingdom. Other countries that made significant contributions to exchange visits included India, Canada, Singapore, Argentina, and Germany.   

 

 

   

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